I think as a newbie you should learn the basics of Forex and then after learning you can start with Demo account or No Deposit Account which help a lot to get good experience and knowledge which help you to make good money with real trading.
Coming up with your own strategy is definitely a good thought and you have already get ahead of the first step by thinking to build your own strategy. However, now you need to invest time practicing, understanding various technical indicators, seeing the performance of different EA’s and then building your own strategy as per your interest, trading style and schedule. mLawson correctly says, first just learn and practice.
I agree with the previous posts. First you need to study and understand the basics and after a while, start testing on demo account. You will see that the strategy will begin to form by itself and eventually you will manage to understand other people’s strategies and even take some ideas. Don’t push too hard, give yourself some time and you will see that eventually you’ll come up with a good strategy. Make sure to spend time in this forum as well.
Any recommendations from where to start with online demo sites? What’s the difference between FXCM and Forex.com? I can only muster up $500 to start.
Info overload. Plus, I’m not good with numbers. Am I going to fast by signing up with a demo svc before reading the entire course?
Thanks you.
If you want to start trading and start your own strategy, it can be very easy. You just need to follow the following options and need to be patient about the results:
- Follow a time frame
- Find the indicators which can help you identify a new trend
- Use indicators that can confirm the trend
- Define a risk
- Check for the entries & exits
- Choose rules and follow them
Then [B][U]get[/U][/B] good with numbers, and [U]before[/U] you open and fund an account anywhere!
“Numbers” are what trading is all about. 
Not trying to be impolite to you in any way, I hasten to add, but the overall success-rates in forex-trading are rather low, and people who are “not good with numbers” are [I]not[/I] among the success stories, and you need to know that, clearly and unambiguously, before you start!
The three links in this post may help you a lot more than any details of where to open an account.
School first, pips later.
You have to create your own strategy after lot of experience. Don’t try to use the strategy of someone else because everyone has to find its own money management.
I might be repeating myself but perhaps it would be better if you first finish the school and then open a demo account. Otherwise you will not be entirely sure what you are doing or supposed to do. If it’s necessary repeat the course a few more times, go through the different threads here and then test on the demo what you have learned so far. That way it’ll be easier for you to understand the concept and experiment with numbers and calculation.
You can make your own strategy but that will need a lot of disciplined learning and experience. So I agree with the previous posts and recommend you to keep learning and practice on demo account. Be patient as it takes time to get consistent results in trading.
There are some trader might they said if many trader fail and can’t maintain account more than six month, and for beginner also advisable practice in demo at least six month before spent real money, if along these time practice still often fail and loss, they can continue learning using demo account
Initially you will have to follow the other experienced person’s strategy in order to learn this business efficiently, with the passage of time when you will learn it then you will able to trade with your own trading strategy, so use all the source of learning in order to be strong strategy maker.
Learning Babypips school is always a good step to enter the trading.
You can open two demos simultaneously as they are free.
Don’t be in a hurry to start live trading and spending your 500 bucks for nothing. Use demo at the beginning.
You should concentrate on learning then you will be able to understand the experience people’s strategy, initially you can not earn from your own strategy, you should follow the successful people’s strategies in order to start forex trading with proper way.
can you expand more on this, what do you mean by price action strategy , can you give us a breakdown on how you place a trade, how you determine a good opportunity
For beginners there are many things, indicators and different analysis to learn . While starting forex trading work on demo to lear all details of trading . After it you can go to live trading work with low investment here so that you can see the results of your learning in live trading.
Starting can be very tricky because if things work, it can make us greedy and make us forget all the discipline things and all that which eventually set us back and make us lose. It’s more complicated if we lose because then we could doubt our ability and might even quit. So what we need to do is to stay grounded and relaxed no matter the results and always focus on learning and working with discipline.
It’s good to hear that you want to enter the forex market with your own strategy. Being a newbie first you need to get understanding of the functioning of market, gain experience by trading on demo accounts and try to understand strategies of other professional traders. It will take time but eventually you will start understanding with consistent efforts. After gaining considerable knowledge and experience you can formulate your own trading strategy as per your own schedule, trading style and interest. Initially learning is the only thing on which you should concentrate upon.
There are many strategies in open access on the web on forums, etc, you should use a simple one as your foundation, and then you’ll start to understand how it works and perhaps then you’ll be able to start making your own strategy.